Average on-chain Bitcoin fees drop below $2, lowest since October 2023
Since July 1st, the average transaction fee on the Bitcoin blockchain has remained below $2, reaching the lowest level since October 2023. According to data from bitinfocharts.com, the average fee for transactions is 0.000026 BTC or $1.54, equivalent to 15.5 sat/vB. The lower fees and lower BTC prices have led to a significant drop in hash prices, which is an estimate of the value of 1 petahash (PH/s) of hash per second. Currently, the hash price is below $50, at $48.62 per petahash, indicating that Bitcoin miners are still under significant pressure.
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